03-08-06, 09:29 PM | #1 |
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taxes on a boat
ok i have a question if i win this bassboat from BPS
how much do i have to pay for taxes |
03-08-06, 09:55 PM | #2 |
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Depends on the value of the boat, but usually taxes are based on income. So if you made say 40k a year, odds are you're gonna pay around 30-45% taxes on that. Just an estimate, soemtimes state taxes aren't as high depending on where you live. I want to see just one time, they give you the boat, and enough money for the taxes, so it really is free. But hey you could become a guide, and then you got a write off LOL
Lizards
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03-08-06, 11:38 PM | #3 |
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then probably sales tax if your state has that...like mine.
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03-08-06, 11:44 PM | #4 |
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it's 6.5% here.. lizard you'll be my first customer
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03-09-06, 07:09 AM | #5 |
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Here in arkansas you have topay ssales tax on the manufacturers suggested retail (which we know is higher than you actually pay for it) plus the taxes for title and registration. LOL so it aint free just minus the cost of the boat.
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03-09-06, 09:32 PM | #6 |
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i dont think we pay that much on prizes in canada
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03-09-06, 11:42 PM | #7 |
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Here in Texas you have 10 days before it has to be titled. So if you sold it before that 10 days were up you do not have to pay sales tax. However I never heard about having to claim it on income tax.
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03-10-06, 02:38 PM | #8 |
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ANGELUS,
I believe you would be required to pay sales tax based on the Manufactures Suggested Retail price at the time you register the boat, then you would have to pay State and Federal income tax on that amount as part of your yearly income at tax time. JackL
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03-10-06, 05:19 PM | #9 |
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thanks Jackl... man that's alot of taxes
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03-10-06, 05:35 PM | #10 |
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but if ya think about it a $30,000 boat is dirt cheap at $1800-at 6% sales tax- registration and tags add $200 more. all of this is tax deductable. here in nc you have to pay an addional tax on the boat value..the nc plate tax.
zooker
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03-10-06, 08:23 PM | #11 |
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hey what ever the tax is it is less then having to buy the boat
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03-10-06, 10:23 PM | #12 |
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Lots of folks have to take out a loan, just to pay the taxes when they win big things, or sell it to pay the taxes.
Lizards
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03-10-06, 11:08 PM | #13 |
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you're probably lookin at 9k+ in fed.income tax..
you won't win it anyway......the fishing dept managers brother-in-law is getting it.
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03-11-06, 01:54 AM | #14 |
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the boat is worth $32,250... i can buy a new car for that
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03-11-06, 06:50 AM | #15 |
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ZOOK
You got it figured out buddy. LOL just got to get the money for uncle sam course he aint know uncle of mine the theif.
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